Dubai – Mubasher: Emirates NBD Bank, listed on Dubai Financial Market (DFM), participated in a deal for ING Türkiye and acted as the Agent.

The Turkish entity, which is part of ING Group, renewed its syndicated loan and achieved a 112% rollover ratio with a growing number of lenders.

Meanwhile, Emirates NBD Capital Limited, the global investment bank for Emirates NBD Group, acted as the Coordinator for the deal in addition to being one of the Sustainability Coordinators along with ING Bank N.V., according to a press release.

A total of 26 banks from 14 countries participated in ING Türkiye’s deal. The proceeds of the 367-day syndicated loan will be allocated to general trade finance purposes, while the all-in pricing is SOFR + 4.25% for USD and Euribor + 4.00% for EUR.

CEO of ING Türkiye, Alper Gökgöz, said: “As ING, we see sustainability as our way of doing business rather than just quantitative targets. We both prioritise sustainable finance and target net zero in our own operations.”

Gökgöz noted that “ING has committed to procuring 100% renewable electricity for all buildings in which they operate worldwide.”

As for the role the finance sector plays in creating a sustainable world, the CEO said that ING Group’s net zero targets include the support to mobilisation of EUR 125 billion sustainable finance in Wholesale Banking by 2025 through loans and advisory services to the customers.

Gökgöz concluded: “We continuously strengthen our position as an opinion leader in sustainable wholesale banking with the aim of contributing to the transformation of our country,” adding: “We believe the proceeds of this transaction, which will be used for general trade finance purposes, will contribute to both our customers and the domestic Turkish economy.”

In the first quarter (Q1) of 2023, Emirates NBD achieved net profits worth AED 6 billion in addition to a total income of AED 10.50 billion.